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Ethereum’s Surge in Transaction Fees Amid Memecoin Craze
- Ethereum experienced a spike in weekly transaction fees driven by the popularity of memecoins.
- An increase in ETH supply on exchanges sparked concerns of a potential market correction.
At the time of writing, Ethereum’s bullish momentum pushed its price towards $3,949, positioning it for a potential breakthrough above the $4,000 mark.
The second-largest cryptocurrency saw a remarkable uptrend of nearly 15% over the past week, as reported by CoinMarketCap.
Traders were thrilled by the surging prices, with daily trading volumes exceeding $20 billion, reaching multi-year highs, according to data from Kaiko.
The Ethereum Network’s Increased Activity
Alongside the market rally, the Ethereum blockchain witnessed a surge in demand for its block space.
Insights from on-chain analytics provider IntoTheBlock revealed that Ethereum validators raked in over $190 million in transaction fees, marking the highest weekly total since May 2022 and representing a 78% jump from the previous week.
As a result of this heightened activity, Ethereum’s annualized fee rate surpassed $10 billion for the first time since early 2022.
